International

Xoom Expands Asian Digital Remittances Offerings

PayPal is expanding its international remittance network with new money transfer offerings in Pakistan, the Philippines and Singapore, the company announced.

In Pakistan, the company has further extended its partnership with the National Bank of Pakistan (NBP) to facilitate secure and same-day remittance from the U.S. “Deposits to NBP accounts will arrive the same day when sent Monday through Friday by 4:30 p.m. PKT. Transactions sent outside of that timeframe will arrive the next business day,” the company said in a statement.

PayPal, through its remittance network, Xoom, currently works with 25 banks in Pakistan, including some of the nation’s largest banks, to power remittance for Pakistani emigrants — one of the fastest-growing immigrant populations in the U.S.

In Southeast Asia, the company seems to have taken a different approach by bolstering Xoom’s platform to support direct, local bill payments for customers wishing to support their friends and family. In Singapore, the company said, its Mobile Recharge offering — an extension of its original bank-to-bank transfer service — allows users to gift calling credit for prepaid mobile phones for just $0.99 per transaction. The service is being powered in partnership with three of the largest telecom providers in Singapore — M1, SingTel and StarHub.

Similarly, in the Philippines, the company has introduced Bill Pay to power over 1.8 million U.S.-based Filipinos with an ability to pay mobile phone bills of their friends and relatives. The service is currently being offered through a partnership with PayMaya Philippines, an online prepaid mobile payments service, which removes the need for a credit card to avail fast and secure payment benefits.

PayPal’s efforts to strengthen its position in the global remittance business comes as the industry sees rapid growth in global money transfer volume, which is now expected to contribute around $586 billion this year.

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